Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Pre-Paid Cards in Australia

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Executive Summary

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If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

PROSPECTS

Travel cards an important driver for the future of prepaid cards

Prepaid cards traditionally cater to the vulnerable or ageing populations. In recent years, usage of prepaid cards in Australia expanded beyond gift cards.

Gift cards under greater scrutiny

Gift cards’ long-standing position in the Australian financial cards market is increasingly threatened by digitalisation and unfair overcharging of fees. In a submission to the federal Treasury, the Consumers’ Federation of Australia has called for gift card disputed transaction fees or charges to be banned.

Trials for contactless financial cards extended to trains in NSW

Trials for passengers in Sydney to use their contactless financial cards to pay for travel on public transportation have been extended to trains. Australia was one of the earliest adopters of contactless payments globally, but fell behind in recent years.

COMPETITIVE LANDSCAPE

Fintech start-ups disrupting prepaid cards

Digital-only banks, more commonly known as neobanks, are set to revolutionise the financial industry in Australia. These completely digital banks do not use any existing legacy systems to operate and their digital operating systems are developed from scratch.

Prepaid cards marketed for specific uses

Companies in Australia offering prepaid cards differentiate their products by marketing them for a specific use to better compete in this landscape. With a broad range of prepaid cards available in the Australian market, distribution and convenience offered are important features in making prepaid cards attractive to consumers.

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